Guinness, Forte, others lead stock market to negative start

Guinness Nigeria plc, Forte Oil plc, Ecobank Transnational Incorporated plc, International Breweries plc and Oando plc respectively led other equities in yesterday’s negative start at the Nigerian Stock Exchange (NSE).
The equities market closed Monday on a negative note, as NSE ASI depreciated by -0.13 percent to close at 34,342.07 basis points from 34,388.12 points the preceding trading day.
The market capitalisation depreciated from N11.678trn to N11.662trn, losing N16bn. After recording 25 gainers against 19 losers, the stock market Year-to-Date (YTD) returns stood yesterday at -0.91 percent.
Market analysis shows volume traded increased by 782.14 percent, from 23.499 million to 207.293 million, while the total value of stock traded increased by 550.20 percent from N363m to N2.363bn in 3,905 deals.
Guinness Nigeria plc led the losers’ table after its share price declined from N160.56 to N155, down by N5.56; followed by Forte Oil plc which dipped from N163.01 to N157.5, after losing N5.51.
Ecobank Transnational Incorporated lost N1.22, from N24.49 to N23.27; International Breweries plc dipped by N20.42 to N20, down by 0.42; while Oando plc declined from N18.4 to N18.1, losing N0.3.
Nigerian Breweries plc led the gainers’ table after its share price rose from N153.5 to N156.9, adding N3.4.
Flour Mills Nigeria plc rose from N35.29 to N36.95, adding N1.66; Cadbury Nigeria plc rose from N39.25 to N39.9, adding N0.65; Berger Paints plc rallied from N9.07 to N9.52, adding N0.45; while National Salt Company of Nigeria plc gained N0.4, from N8.3 to N8.7.
Actively traded stocks yesterday include: Zenith Bank plc, C&I Leasing plc, Transcorp plc, FBN Holdings plc and Unity Bank plc.
Oil market came under pressure on Monday on signs a multi-week rally was encouraging a rejuvenation in already bloated US shale supplies. US crude prices gained on a weekly basis for an eighth straight week last week while Brent had its first profit-taking in five weeks.
In a sign the market was responding to those gains, rigs for drilling oil in the voluminous Permian shale basin rose for the first time this year after months of cutbacks.
US crude futures were down 49 cents at $58.90 a barrel by 11:48am EDT (1548 GMT). Brent crude futures, the more globally referenced benchmark for oil, fell 85 cents to $64.54.
The yields on Nigerian Treasury bonds are expected to fall at a primary auction this week due to a lower supply.

Source : BusinessDay

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